Table 1
The situation of macroeconomic monetary indicators in the Republic of Uzbekistan [16]
in percent
|
2018
|
2019
|
2020
|
2021
|
Annual growth rate of monetary aggregate M2
|
13,3
|
13,8
|
17,8
|
30,3
|
Annual rate of inflation
|
14,3
|
15,1
|
11,1
|
10,0
|
The annual level of the central bank refinancing rate
|
16,0
|
16,0
|
14,0
|
14,0
|
Average annual interest rate of commercial banks' loans in national currency
|
20,5
|
24,2
|
22,3
|
20,8
|
It can be seen from the table that the annual growth rate of the money supply in the Republic of Uzbekistan in 2018-2021 was relatively high. This shows that there are problems in improving the money supply regulation mechanism. Especially in 2021, the growth rate of the money supply was very high.
A decrease in the annual rate of inflation in 2020 and 2021 allowed the Central Bank to lower the refinancing rate. However, the average annual interest rate of commercial banks' loans in national currency remained high.
Admittedly, one of the main factors affecting the money supply is the deficit of the foreign trade balance.
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